China's Greenland raises debt online with Alibaba affiliate

April 13, 2015 11:34 AM

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HONG KONG, April 13 (Reuters) - China's state-backed property developer Greenland Group has launched its first online debt offering in partnership with Alibaba's finance affiliate and Ping An Group's trading platform, as it seeks to expand its finance division.

The country's second-largest developer said on Monday it had raised 200 million yuan ($32 million) through a principal-protected note, a wealth management product dubbed "Di Chan Bao" with an annual yield of 6.4 percent.